Friday, May 27, 2011

Tullow acquires $730 million worth assets back to back in Ghana and Netherlands

Tullow Oil plc agreed to acquire the interests of EO Group Limited, consisting of its entire interests offshore Ghana, for a consideration of $305 million. This acquisition will increase Tullow's interest in the West Cape Three Points licence offshore Ghana by 3.5% to 26.4% and increase the Group's interest in the world-class Jubilee Oil field, which Tullow Operates, by 1.75% to 36.5%. The receipt of Tullow shares as part of the consideration gives EO the opportunity to retain an indirect interest in the upside potential of all of Tullow's Ghanaian assets.

Just a day back, Tullow Oil agreed to acquire Nuon Exploration and Production (Nuon E&P) for a cash consideration of €300 million ($425 million) from the Vattenfall Group. The acquisition of Nuon E&P will significantly enhance Tullow's North Sea business adding a portfolio of 25 licences that include over 30 producing fields, numerous development and exploration opportunities and ownership of key infrastructure.  This portfolio will increase the Group's North Sea gas production by 9,000 boepd to approximately 23,000 boepd and add reserves and resources of 28 mmboe. 

Overview of 2010 results of Tullow Oil

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